IndusInd Bank's Q3 net profit up nearly 25%

IndusInd Bank's Q3 net profit up nearly 25%

Private sector lender IndusInd Bank reported a 25% increase in net profit to ₹936.15 crore for the quarter ended December 30 on the back of healthy credit growth.

The Hinduja-promoted bank reported a 25 per cent rise in the third-quarter net profit at Rs 936.25 crore helped by higher core income. According to eight Bloomberg analysts' estimates, the bank was expected to post a profit of Rs945 crore.

Total income increased to Rs 1,526.86 crore for the quarter from Rs 1,457.52 crore in the same period a year ago, the bank said in a regulatory filing.

However, IndusInd Bank witnessed a small rise in the gross NPA ratio, which went up to 1.16 per cent from 0.94 per cent in the same quarter previous year due to reverses in loans against property, commercial loans and corporate loans.

"The bank has continued to show a steadfast performance again in this quarter. All vectors for both topline and bottom line have progressed as per plan". The bank's capital adequacy remained strong for Q3FY18 at 15.83 per cent compared to 15.31 in the previous year's corresponding quarter. On a quarter-on-quarter basis, they fell 19.61% from Rs293.75 crore.


Sobti added, "We have maintained a stable quality loan book".

Net NPAs of the bank rose to 0.46 per cent in the quarter from 0.39 per cent of the total assets.

As far as the merger with Bharat Financial Inclusion is concerned, Sobti said the bank has already received approval from the Competition Commission of India, and is awaiting other approvals.

Provisions and contingencies rose 8.9% to Rs236.16 crore in the quarter from Rs216.85 crore a year ago. Fee income, too, grew 22 per cent to Rs 1,076.51 crore.

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